Interim Management Statement

The Throgmorton Trust PLC

Interim Management Statement- 3 months to 28 February 2009

To the members of The Throgmorton Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 December 2008 to
28 February 2009, and contains information that covers this period, and up to
the date of publication of this interim management statement. Please note more
detailed performance information, including the latest month end announcements
are available on the Manager's website-www.blackrock.co.uk/its.

The Company's objective is to provide shareholders with capital growth and an
attractive total return from investment predominantly in UK smaller companies
which are listed on the main market or traded on the AIM market.

Stock Performance

Cumulative Performance (%):

                                   One      Three        One      Three
                                 Month     Months       Year      Years
                                                                       
Net Asset Value                   0.2%       4.7%     -43.6%     -48.0%
Share Price                       0.0%      18.7%     -45.0%     -53.1%
HGSC plus AIM (ex Inv Cos)       -1.6%      -0.6%     -46.6%     -45.9%

All performance figures are in £ on a total return basis.

Ten Largest Equity Holdings at 28 February 2009(in alphabetical order)

Chemring Group
Connaught
Dechra Pharmaceuticals
Domino Printing Sciences
Emerald Energy
Fidessa
Rathbone Brothers
SDL
Ultra Electronics Holdings

Financial position and performance as at 28 February 2009

Gross Assets (£m)*                           80.5      
Short term borrowings (£m)                    Nil            
Net asset value-Capital Only               90.79p
Net asset value-Including Income           97.73p
Share Price                                74.50p
Ordinary Shares in Issue**             82,351,197
Actual Gearing                                Nil
Discount to NAV-Cum Income                  23.8%
Discount to NAV-Capital Only*               17.9%

*includes revenue of £5.7m
** continuing pool only

Material Events/Transactions

A final dividend of 1.85 pence and special dividend of 3.00 pence per share
were declared on 30 January 2009, payable on 1 May 2009 to shareholders on the
register on 3 April 2009.

The Board announced on 5 December that a third interim distribution, of 15
pence per Exit Share was due to be to Exiting Shareholders on 5 December 2008).

This third interim distribution represented approximately 46% of the net assets
in the Tender Pool as at close of business on 28 November 2008. Distributions
paid to date, including the third interim distribution, amounted to 90 pence
per share. It is expected that the final distribution will be paid by the end
of March 2009.

The Board announced on 20 February that an amount of £2.4 million would shortly
be received from AXA Framlington Investment Management Limited ('AXA
Framlington'), the former investment manager, in respect of interest on AXA
Framlington's claim against HM Revenue and Customs ('HMRC') for the recovery of
VAT paid for the periods from 1989 to 1996 and 2001 to 2007 on management fees
charged to the Company. This payment, the value of which had not, on the
grounds of uncertainty, previously been recognised as an asset by the Company,
has been included in the net asset value calculations with effect from the
close of business on 19 February. It is estimated that this resulted in an
uplift of approximately 1.7 pence per share to net asset value.

Despite continuing volatility arising from the economic turmoil, the Board is
not aware of any other events or transactions, other than the purchase and sale
of securities undertaken in the normal course of business, occurring between 1
December 2008 and the date of publication of this interim management statement
which would have a material impact on the financial position of the Company.

Latest information is available by typing, www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

Contact details:

Kerry Higgins
Secretary

Tel: [phone]